Co-Creation with Customers-By Aviroop Banik,Rizvi Institute of Management Studies and Research,Mumbai,Bandra(W)
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Co-Creation with Customers-By Aviroop Banik,Rizvi Institute of Management Studies and Research,Mumbai,Bandra(W)
- 1. Co-creation with Customers Will this Marketing Tool survive ? Contributed by Aviroop Banik SAKSHAM 2010 Rizvi Institute of Management Studies
- 2. Competition is intensifying & profit margins are shrinking
- 3. Active Connected Informed The changing role of the consumer
- 5. T h e C o - C r e a t i o n E x p e r i e n c e
- 7. Consumer-Company Interactions The emerging reality of Value Creation Doctor Centric Patient Centric
- 10. Primary doctorPrimary doctor Medical specialistsMedical specialists Scan & diagnostic clinic Scan & diagnostic clinic Doctors on call at out-of-town hospital Doctors on call at out-of-town hospital Emergency servicesEmergency services Pacemaker manufacturer Pacemaker manufacturer Patients with similar condition Patients with similar condition Patient
- 13. D A R T Dialogue, Access, Risk assessment & Transparency
- 15. Eli Lilly and Company launched the research venture InnoCentive in June 2001.Via its website, this venture brings together companies & researchers from around the world to solve specific scientific problems. Researchers who offer the solution judged best by the company posting the problem receive significant cash incentives.
- 16. A C C E S S The traditional focus of the firm & its value chain was to create & transfer ownership of products to consumers. Increasingly, the goal of consumers is access to desirable experiences-not necessarily ownership of the product. Access begins with information & tools
- 17. Risk here refers to the probability of harm to the consumer. When communicating with consumers, marketers have focused almost entirely on articulating benefits, largely ignoring risks. R I S K A S S E S S M E N T
- 18. T R A N S P A R E N C Y Firms can no longer assume opaqueness of prices, costs & profit margins. And as information about products, technologies & business systems become more accessible, creating new levels of transparency becomes increasingly desirable.
- 19. D A R T D A R T D A R T C O M B I N A T I O N enables companies to better engage customers as collaborators
- 20. Consumer –Company interactions in co-creating value The Sumerset Houseboats
- 21. Advantages
- 22. Points of Interaction Company Think Company Think Consumer Think Consumer Think Co-creation of value exposes the disconnect between company think & consumer think at points of consumer-company interaction
- 23. Price-Experience Relationship in C o - C r e a t i o n where consumers judge economic value
- 24. FedEx and both senders and receivers can mutually manage internal efficiencies and quality of customer experiences, further expanding the totality of the price-experience relationship. Customers both shippers & receivers, can log on & check the progress of packages in real time, viewing the same information that the FedEx employees have. While pace this system has reduced the burden on FedEx call centers trimmed cost, it simultaneously allows for an individual-centric view of interactions.
- 25. Traditional Exchange Vs Co-creation Experiencethe goal of the interaction is value extraction. value extraction & Value creation
- 26. Traditional Exchange Co-creation Experience Company-consumer relationship Transaction based Set of interactions & transactions focused on a series of co-creation experiences Pattern of interaction between company & consumer Passive, firm-initiated, one-on- one Active, initiated by either company or consumer, one-on- one or one-to-many Focus of quality Quality of internal processes & company offerings Quality of consumer-company interactions & co-creation experiences Migrating to co-creation experiences
- 27. Experience Personalization So, this example suggests that firms must often invest in new technologies if they want to create experience environments. OnStar has invested heavily in understanding & using wireless telephony, satellite communication, vehicle integration system & internal sensors as well as the technologies to integrate the vehicle diagnostics into public networks, call center operations & emergency services.
- 28. Spectrum of co-creation experiences Firm Co-creation experience (DART), quality of interactions Co-creation experience (DART), quality of interactions ConsumerConsumer FirmFirm Co-creation experience (DART), quality of interactions, levers for experience innovation Co-creation experience (DART), quality of interactions, levers for experience innovation Multiple Consumers: experience variety Multiple Consumers: experience variety FirmFirm Co-creation experience (DART), quality of interactions, levers for experience innovation, elements of personalized experience Co-creation experience (DART), quality of interactions, levers for experience innovation, elements of personalized experience Multiple Consumers: experience personalizati on Multiple Consumers: experience personalizati on Network of Firms Consumer communities
- 29. Consumer as a source of C O M P E T E N C E If suppliers are a critical part of the competence base available to the firm, why are not consumers? Suppliers, manufacturers, partners & “consumers”
- 30. Los Alamos National Laboratory Fostering intellectual diversity
- 31. SuppliersSuppliers FirmFirm ChannelsChannels Consume r segments Consume r segments Nodal networks of firms Individual Consumer communities Consumer Individual consumer Experience environment The basic transformation in co-creating value Shifting from Firm-centric to Individual centric experience
- 33. M A N A G E R C O N S U M E R as
- 34. Through these devices, technical & human intelligence of the firm is available to the technician at the customer’s site. For example, the technician can print out up-to-the minute bill. Imagine each technicians being able to access the expertise of other technicians & employees in the company. The employee becomes a co-creator of knowledge that is contextualized around specific service events.
- 35. To co-create value continually, we must continually CO-CREATE NEW KNOWLEDGE
- 36. “Help me solve the problem.” the question is posed not just to that employee but to the entire organization.
- 37. Knowledge in the mind of the employee CONSUMERS To meet these challenges, the firm must develop an environment where knowledge can be co-created & shared continuously.
- 38. Yes, the process of Co-Creation with customers will survive.
- 39. Firms cannot co-create value without an active collaboration agenda.
- 41. The critical role of management in co-creating value
- 42. Product Innovation, Supply chains Solutions innovation Experience networks , Experience Innovation Locus of competence Enhanced network of competence Extended enterprise Firm & its supply base Product Space Solutions Space Experience Space Locus of Innovation New Competitive Space
- 43. Co-creation , is it only helpful for business?
- 45. Abraham Lincoln Social legitimacy It may ultimately portend the emergence of a truly democratic global society in which human rights, needs & values are predominant. Of the people, by the people & for the people
- 46. T h a n k Y o u in G r a t i f i c a t i o n